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Oil End of Day Summary: Crude Makes Gains

OIL

WTI has softened from its intraday highs but remains on track for its highest close since early November. A lower-than-expected build in US crude stocks and Red Sea tensions have supported prices.

  • WTI APR 24 up 0.8% at 78.57$/bbl
  • EIA Weekly US Petroleum Summary - w/w change week ending Feb 16: Crude stocks +3,514 vs Exp +4,041, Crude production 0, SPR stocks +748, Cushing stocks +741
  • Houthi Leader Says Group Is Looking To 'Escalate' Red Sea Operations: Following earlier reports regarding an attack on a vessel in the Gulf of Aden
  • Shale producers will find it difficult to grow after dropping drilling rigs in 2023, according to a report by WoodMac cited by Bloomberg.
  • Latin American crude output is on the rise, but heavy crude output is expected to decline, according to Platts.
  • US West Coast crude traders are taking a “wait and see” approach ahead of the start-up of the TMX expansion, according to Platts.
  • Oil loadings from Russia’s western ports may decline by 6% to about 1.9mb/d with domestic refinery runs expected to increase prior to the maintenance season according to Reuters sources.
  • VLCC freight rates for voyages loading in WAF fell by more than 10% on the day Feb. 21 amid a rebalancing of supply-demand fundamentals after an earlier rise in rates in Feb, Platts said.

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